ECON 2720 Midterm: midterm review
26 Jun 2016
School
Department
Course
Professor
Document Summary
Midterm examination (1) explain william baumol"s concepts of productive and unproductive entrepreneurship. Discuss the relation between baumol"s concepts of entrepreneurship and schumpeter"s creative destruction. William baumol saw entrepreneurship as a finite natural resource, rather than something that could be created. This entrepreneurship could be productive ; meaning it created wealth or goods for an economy, or unproductive, meaning it did not. An example of productive entrepreneurship could be technological innovation that leads to a creation of a new product. (2) discuss the transition from the bronze age to the iron age. Explain why we say that it was a response to the economic incentives associated with a resource shortage, rather than simply a reflection of the superiority of iron as a metal. The transition from the bronze age to the iron age began when the tin supply to the. The mediterranean had a lot of copper but that was too soft on its own to be useful to them.
